Fireworks were not restricted to Chinese New Year celebrations on Saturday with the Sydney auction market producing yet another stunning result at the weekend.
The sizzling near-record weekend clearance rate of 84.6 percent was ahead of last weekend’s super 83.3 percent result and just below last year’s all-time record result of 86 percent recorded coincidentally over the same weekend.
The extraordinary weekend result was despite a significant lift in auction numbers compared to last weekend as the early season market clearly gathers momentum.
A predictable surge in inner city auctions is keeping the market at boiling point accounting for nearly half of all homes auctioned in Sydney at the weekend.
636 homes were listed to go under the hammer on Saturday which was well ahead of the previous Saturday’s 455 auctions.
Sydney’s popular inner city regions unsurprisingly produced strong results at the weekend with the surge in listing numbers snapped up by hungry buyers.
The inner suburbs recorded a combined 90.6 percent clearance rate with 49 percent of all auction sales.
The city and east reported the highest regional clearance rate on Saturday with 92.5 percent.
Next best was the inner west with 91.2 percent with the highest sales reported at 93, followed by the lower north 85.7 percent, the upper north shore 84.2 percent, the northern beaches 82.5 percent, the south 81.8 percent, the west 80 percent, Canterbury Bankstown 76.7 percent, the north west 70.6 percent – well down on last weekend’s 100 percent result and the central coast with a 50 percent clearance rate on Saturday.
Standout auction sales results at the weekend
These included a 5 bedroom home at 22 Woodlands Road Taren Point sold for $2,860,000 by Ray White Sylvania Waters, a 4 bedroom home at 131 Middle Head Road Mosman sold for $3,225,000 by McGrath Mosman, a 7 bedroom home at 2 Boyle Street Balgowlah sold for $3,110,000 by Sweetnams Real Estate, a 5 bedroom home at 6 Alton Avenue Concord sold by McGrath Concord for $2,990,000 and another 5 bedroom home at 37 Fletcher Street Tamarama sold by McGrath Estate Agents for $2,885,000.
The most expensive property reported sold at auction at the weekend was a 5 bedroom home at 10 Carrington Parade Freshwater sold for $3,750,000 by Clarke and Humel Property.
The most affordable property reported sold at the weekend was a 1 bedroom unit at 103/284 Pacific Highway Greenwich sold for $308,000 by Urbane Inner West.
For a list of weekend auction results in Sydney click here Sydney auction results Saturday February 21.
Sydney’s feeding frenzy for home buyers shows no sign of diminishing with appetites set be feasted next Saturday when the first Super Saturday of the year arrives with 800 homes scheduled to go under the hammer.
Auction activity is a reliable forward indicator of underlying prices growth with Sydney houses prices increasing strongly over 2014 reflecting high clearance rates throughout the year.
Sydney’s chronic land shortages have translated into even higher growth levels than houses with the median land price increasing by 19.7 percent to $390,000 over 2014.
Kellyville was the star performer with annual land prices up by 38.2 percent to a median of $643,000 – and not much change from $1, 000,000 by the time the house is built.